Natural gas was higher in overnight trading Monday night as it consolidated below the 10 day moving average crossing at 3.875. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term.
If July extends last week's decline, the reaction low crossing at 3.500 is the next downside target. Closes above the 20 day moving average crossing at 3.990 would signal that a short term low has been posted.
Closes above last Tuesday's high are needed to renew the rally off the late May low and would open the door for a possible test of May's high crossing at 4.690.
Tuesday's pivot point for natural gas is 3.76
First resistance is the 10 day moving average crossing at 3.875
Second resistance is the 20 day moving average crossing at 3.990
First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500
Today’s Stock Market Club Trading Triangles
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Tuesday, June 9, 2009
Crude Oil Trading Higher, Is $70 Our Near Term High
Crude oil was higher overnight as it consolidates around the 25% retracement level of the 2008-2009 decline crossing at 68.49. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.
As of 8:51 a.m. eastern standard time Globex traders were trading crude oil at 69.34, very close today's first resistance.
Closes below the 20 day moving average crossing at 63.71 are needed to confirm that a short term top has been posted.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Tuesday's pivot point, our line in the sand is 67.94
First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 67.23
Second support is the 20 day moving average crossing at 63.71
4:30 AM ET. June 5 API Oil Industry Report
....Crude Stocks (Net Change) (previous -828K)
....Gasoline Stocks (Net Change) (previous +99K)
....Distillate Stocks (Net Change) (previous +3.44M)
....Refinery Runs (previous 82.9%)
Trade Crude in 90 Seconds Click Here
As of 8:51 a.m. eastern standard time Globex traders were trading crude oil at 69.34, very close today's first resistance.
Closes below the 20 day moving average crossing at 63.71 are needed to confirm that a short term top has been posted.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Tuesday's pivot point, our line in the sand is 67.94
First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 67.23
Second support is the 20 day moving average crossing at 63.71
4:30 AM ET. June 5 API Oil Industry Report
....Crude Stocks (Net Change) (previous -828K)
....Gasoline Stocks (Net Change) (previous +99K)
....Distillate Stocks (Net Change) (previous +3.44M)
....Refinery Runs (previous 82.9%)
Trade Crude in 90 Seconds Click Here
Monday, June 8, 2009
Crude Oil Struggles As The U.S. Dollar Closes Higher
Nothing is more important to trading crude oil than the U.S. Dollar. And the Dollar closed higher on Monday, above the 20 day moving average crossing at 80.80 confirming that a short term low has been posted, spelling trouble for crude oil bulls.
Profit taking tempered early gains and the low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If June extends the rebound off last week's low, the reaction high crossing at 83.33 is the next upside target. Closes below the 10 day moving average crossing at 79.88 would temper the near term friendly outlook in the market.
First resistance is today's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33
First support is the 10 day moving average crossing at 79.88
Second support is last Tuesday's low crossing at 78.18
If you would like to trade the dollar itself your best choice of tickers would be the UUP. Here is a Free Stock Analysis for UUP.
Trade Crude in 90 Seconds Click Here
Today’s Stock Market Club Trading Triangles
Profit taking tempered early gains and the low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.
If June extends the rebound off last week's low, the reaction high crossing at 83.33 is the next upside target. Closes below the 10 day moving average crossing at 79.88 would temper the near term friendly outlook in the market.
First resistance is today's high crossing at 81.53
Second resistance is the reaction high crossing at 83.33
First support is the 10 day moving average crossing at 79.88
Second support is last Tuesday's low crossing at 78.18
If you would like to trade the dollar itself your best choice of tickers would be the UUP. Here is a Free Stock Analysis for UUP.
Trade Crude in 90 Seconds Click Here
Today’s Stock Market Club Trading Triangles
Natural Gas Closes Lower, Even Lower Prices Still Possible
Natural Gas closed lower on Monday as it extended last week's decline. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above March's high crossing at 4.721 are needed to confirm that an important bottom has been posted.
First resistance is the 20 day moving average crossing at 4.021
Second resistance is last Tuesday's high crossing at 4.284
First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500
Want to trade natural gas try ticker UNG. Here is a Free UNG stock analysis.
Today’s Stock Market Club Trading Triangles
If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above March's high crossing at 4.721 are needed to confirm that an important bottom has been posted.
First resistance is the 20 day moving average crossing at 4.021
Second resistance is last Tuesday's high crossing at 4.284
First support is last Thursday's low crossing at 3.550
Second support is the reaction low crossing at 3.500
Want to trade natural gas try ticker UNG. Here is a Free UNG stock analysis.
Today’s Stock Market Club Trading Triangles
Crude Oil Falls, Brazil Proposes New Tax, Natural Gas at it's Cheapest
"Crude Oil Falls, Following Stocks Lower, as Dollar Strengthens"
Crude oil fell for a second day, following global equities, as a stronger dollar reduced the appeal of commodities as an alternative investment. Prices declined as much as 2.4 percent after stocks fell and the U.S. currency gained against the euro for a second day. The stronger currency undermines demand for dollar priced assets such as oil and gold. Oil futures touched a seven-month high of $70.32 on June 5 after a Labor Department report.....Complete Story
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"Brazil to Propose New Tax on Newfound Offshore Oil"
The Brazilian government will propose an additional tax on crude oil produced from the country's newfound offshore deposits, the O Estado de S. Paulo newspaper reported Monday. The tax will be part of a new regulatory regime proposed by a government panel studying possible changes to Brazil's oil laws, the report said. The proposals are expected.....Complete Story
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"Natural Gas Cheapest to Oil Since 1992 Signals Gain"
This year’s 31 percent decline in natural gas made it the worst performing commodity and the cheapest next to oil since the fall of the Soviet Union. That’s about to change, if history is any guide. Natural gas lost 72 percent in 11 months as the U.S. fell into the deepest recession in 50 years and drillers failed to idle rigs fast enough to control inventories. Stockpiles are 22 percent larger than the five year average.....Complete Story
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Crude Oil Inventories For This Week
Oil prices moved higher last week lead by traders feeling that the economy may be recovering. There is just no real evidence that the recession has even come close bottoming out. Fundamentals do not support the current price of oil, it is inflated as fundamentals have been ignored.
Here is a quick look at crude oil inventories for the last week.....
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Trade Crude in 90 Seconds Click Here
Here is a quick look at crude oil inventories for the last week.....
Futures ALERT Everyday In your Inbox Click Here
Trade Crude in 90 Seconds Click Here
Stronger Dollar Overnight Threatens Crude Oil Rally On Monday
July crude oil was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near.
Day traders will continue to look for bullish set ups until they fail, and will until we close below the 20 day moving average crossing at 63.21. Which is needed to confirm that a short term top has been posted.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Monday's pivot point, our line in the sand is 68.77
First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 66.53
Second support is the 20 day moving average crossing at 63.21
Today’s Stock Market Club Trading Triangles
The June Dollar was higher overnight and trading above the 20 day moving average crossing at 80.82. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 80.82 would confirm that a short term low has been posted.
If June renews the decline off April's high, the 75% retracement level of the aforementioned rally crossing at 77.55 is the next downside target.
First resistance is the overnight high crossing at 81.53
Second resistance is the reaction high crossing at 83.33
First support is the 10 day moving average crossing at 79.93
Second support is last Tuesday's low crossing at 78.37
Trade Crude in 90 Seconds Click Here
The S&P 500 was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
Day traders will continue to look for bullish set ups until they fail. Monday's pivot point is 944 but day traders will be looking at 934.50 as a critical level of support to give serious market direction indication. If we break through 944 look for the next daily target of 957.50 as an exit point.
If the overnight strength in the dollar takes the market lower look for the first battle ground at 927.50, the trading hours only previous highs.
If June extends this spring's rally, the 38% retracement level of the 2008-2009 decline crossing at 1040.33 is the next upside target. Closes below the 20 day moving average crossing at 910.58 would confirm that a short term top has been posted.
Monday's pivot point, our line in the sand is 944
First resistance is last Friday's high crossing at 957.50
Second resistance is the 38% retracement level crossing at 1040.33
First support is the 10 day moving average crossing at 927.50
Second support is the 20 day moving average crossing at 910.58
The June S&P 500 Index was down 8.30 points. at 932.20 as of 6:00 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.
Day traders will continue to look for bullish set ups until they fail, and will until we close below the 20 day moving average crossing at 63.21. Which is needed to confirm that a short term top has been posted.
If July extends this spring's rally, the 38% retracement of the 2008-2009 decline crossing at 82.38 is the next upside target.
Monday's pivot point, our line in the sand is 68.77
First resistance is last Friday's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 66.53
Second support is the 20 day moving average crossing at 63.21
Today’s Stock Market Club Trading Triangles
The June Dollar was higher overnight and trading above the 20 day moving average crossing at 80.82. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. Closes above the 20 day moving average crossing at 80.82 would confirm that a short term low has been posted.
If June renews the decline off April's high, the 75% retracement level of the aforementioned rally crossing at 77.55 is the next downside target.
First resistance is the overnight high crossing at 81.53
Second resistance is the reaction high crossing at 83.33
First support is the 10 day moving average crossing at 79.93
Second support is last Tuesday's low crossing at 78.37
Trade Crude in 90 Seconds Click Here
The S&P 500 was lower overnight due to profit taking as it consolidates some of this spring's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.
Day traders will continue to look for bullish set ups until they fail. Monday's pivot point is 944 but day traders will be looking at 934.50 as a critical level of support to give serious market direction indication. If we break through 944 look for the next daily target of 957.50 as an exit point.
If the overnight strength in the dollar takes the market lower look for the first battle ground at 927.50, the trading hours only previous highs.
If June extends this spring's rally, the 38% retracement level of the 2008-2009 decline crossing at 1040.33 is the next upside target. Closes below the 20 day moving average crossing at 910.58 would confirm that a short term top has been posted.
Monday's pivot point, our line in the sand is 944
First resistance is last Friday's high crossing at 957.50
Second resistance is the 38% retracement level crossing at 1040.33
First support is the 10 day moving average crossing at 927.50
Second support is the 20 day moving average crossing at 910.58
The June S&P 500 Index was down 8.30 points. at 932.20 as of 6:00 AM CST. Overnight action sets the stage for a lower opening by the June S&P 500 index when the day session begins later this morning.
Sunday, June 7, 2009
And Where The S & P 500 Went, Crude Oil Was Sure To Follow
Well, maybe it won't "always" follow. But let's take a look at this conundrum wrapped in an enigma… that’s the S&P 500 index.
We were just looking at the S&P 500 index as we came to the close for the week of June 6th. While the market appears to be higher for the week, it also appears that we’re losing momentum on the upside.
This can be seen in the second attempt to close over the 950 level. Also some of our momentum indicators are showing negative divergences. This means that while the S&P 500 is making new highs for the move, the momentum indicators are not showing the same configuration and making new highs. This can often be the first clue of a potential market correction.
In this short video on the S&P 500, you’ll will see exactly what we are looking at and why.
The video is free to watch and there is no need to register. We would love to get your feedback about this video and your own predictions about these markets. So please feel free to leave a comment and let our readers know what you think.
Just Click Here To Watch The Video
We were just looking at the S&P 500 index as we came to the close for the week of June 6th. While the market appears to be higher for the week, it also appears that we’re losing momentum on the upside.
This can be seen in the second attempt to close over the 950 level. Also some of our momentum indicators are showing negative divergences. This means that while the S&P 500 is making new highs for the move, the momentum indicators are not showing the same configuration and making new highs. This can often be the first clue of a potential market correction.
In this short video on the S&P 500, you’ll will see exactly what we are looking at and why.
The video is free to watch and there is no need to register. We would love to get your feedback about this video and your own predictions about these markets. So please feel free to leave a comment and let our readers know what you think.
Just Click Here To Watch The Video
Saturday, June 6, 2009
Trading Crude Oil Is All About The Dollar, How Low Can It Go?
We were quite amazed when we looked back to see how long it’s been since we had put together a Dollar Index (NYBOT_DX) video. We had to look back to September of 2008 to find the last series of videos we had done specifically for the Dollar Index, and it proved to be successful.
In today’s video we will look at the Dollar Index and the impact it is having on crude oil (NYMEX_CL) and other major markets. I’ll also make a rather surprising prediction as to the most likely trend the dollar is going to take in the next 12 months.
This is a video you will not want to miss as the ramifications of inflation and the dollar are rather shocking.
We will show you how MarketClub has used the same approach in the same market using our “Trade Triangle” technology to trade this index and just how successfully this approach has been.
We strongly recommend that you watch my earlier Dollar Index video and then watch the new one. This will give you more confidence in using our “Trade Triangle” approach.
As always, the videos are free to watch and there is no need to register. I would love to get your feedback about this video and your own predictions about these markets on our blog.
In today’s video we will look at the Dollar Index and the impact it is having on crude oil (NYMEX_CL) and other major markets. I’ll also make a rather surprising prediction as to the most likely trend the dollar is going to take in the next 12 months.
This is a video you will not want to miss as the ramifications of inflation and the dollar are rather shocking.
We will show you how MarketClub has used the same approach in the same market using our “Trade Triangle” technology to trade this index and just how successfully this approach has been.
We strongly recommend that you watch my earlier Dollar Index video and then watch the new one. This will give you more confidence in using our “Trade Triangle” approach.
As always, the videos are free to watch and there is no need to register. I would love to get your feedback about this video and your own predictions about these markets on our blog.
Friday, June 5, 2009
Friday's Short Covering Rally Sets The Stage For Steady Open For Monday
Crude oil closed lower on Friday due to profit taking as it consolidated some of Thursday's rally. A short covering rally tempered early losses and the mid range close sets the stage for a steady opening on Monday.
Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 62.82 would confirm that a short term top has been posted.
If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.
First resistance is today's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 65.94
Second support is the 20 day moving average crossing at 62.82
Trade Crude in 90 Seconds Click Here
July natural gas closed higher on Friday due to short covering as it consolidated some of this week's decline. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above March's high crossing at 4.721 are needed to confirm that an important bottom has been posted.
First resistance is Tuesday's high crossing at 4.284
Second resistance is May's high crossing at 4.690
First support is Thursday's low crossing at 3.550
Second support is last Tuesday's low crossing at 3.500
Today’s Stock Market Club Trading Triangles
The June Dollar closed sharply higher on Friday as it consolidated some of this spring's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Multiple closes above the 20 day moving average crossing at 80.90 are needed to confirm that a short term low has been posted.
If June extends this spring's decline, the 75% retracement level of the 2008-2009 rally crossing at 77.55 is the next downside target.
First resistance is the 20 day moving average crossing at 80.90
Second resistance is the reaction high crossing at 81.19
First support is Tuesday's low crossing at 78.18
Second support is the 75% retracement level crossing at 77.55
Video: How Low Can The Dollar Go
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Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 62.82 would confirm that a short term top has been posted.
If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.
First resistance is today's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38
First support is the 10 day moving average crossing at 65.94
Second support is the 20 day moving average crossing at 62.82
Trade Crude in 90 Seconds Click Here
July natural gas closed higher on Friday due to short covering as it consolidated some of this week's decline. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term.
If July renews last month's decline, April's low crossing at 3.395 is the next downside target. Closes above March's high crossing at 4.721 are needed to confirm that an important bottom has been posted.
First resistance is Tuesday's high crossing at 4.284
Second resistance is May's high crossing at 4.690
First support is Thursday's low crossing at 3.550
Second support is last Tuesday's low crossing at 3.500
Today’s Stock Market Club Trading Triangles
The June Dollar closed sharply higher on Friday as it consolidated some of this spring's decline. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning bullish hinting that a short term low might be in or is near. Multiple closes above the 20 day moving average crossing at 80.90 are needed to confirm that a short term low has been posted.
If June extends this spring's decline, the 75% retracement level of the 2008-2009 rally crossing at 77.55 is the next downside target.
First resistance is the 20 day moving average crossing at 80.90
Second resistance is the reaction high crossing at 81.19
First support is Tuesday's low crossing at 78.18
Second support is the 75% retracement level crossing at 77.55
Video: How Low Can The Dollar Go
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